TORONTO, Sept. 3 /CNW Telbec/ - Lakota Resources Inc. (TSXV-LAK) (the
"Company") is pleased to announce the appointment of new Directors to the
Board of the Company. They will provide superior guidance to management in
order to optimize shareholder value. Lakota is an exploration stage company
which will benefit from the new Board's exploration expertise, and its depth
of experience in mine operations, finance, investment banking, capital markets
and a wealth of contacts in the world of mining and finance.
Ian Kennedy, President & CEO commented 'it is unusual for a junior
exploration company to be able to attract the calibre of such experienced,
resource industry professionals and I believe they will be of considerable
value to management as it focuses on the fall drilling program planned at
Tembo, in Tanzania as previously announced'.
In October, Lakota will drill at Tembo immediately beneath an area of
artisanal gold workings where, for nearly 40 years and up until a few weeks
ago, Tanzanian artisanal miners have been extracting gold from gold-bearing
quartz veins. This licensed property was purchase in 2000 but only became part
of Tembo late in 2007. Lakota gained access to the artisanal property, now
part of Tembo, very recently as the native miners, by agreement, decamped from
the property. The Tembo property itself is 112 sq kms in size and Lakota has
spent directly or indirectly more than $USD 2 million in exploration with more
than 40,000 meters of drilling and 35,000 samples taken. Tembo alone has more
than 43 gold anomalies in addition to several artisanal gold sites. The focus
of the October drill program is not a gold anomaly but is directly under gold
workings. Tembo is contiguous to, and 6 kms west of Barrick's Bulyanhulu gold
The newly appointed Board Members joining Ian Kennedy, and Dr. Neil
Westoll are: Mr. Peter Jones; Mr. Allan Wakefield; Ms. Joyce Bish and
Mr. Glenn Clark.
Mr. Harry Gaetano; Mr. Paul Ankcorn and Mr. Tom Carpenter have resigned
as directors of the Company effective immediately. The Board of Directors
wishes to thank them for their years of diligent service to the Company. The
Company will continue to benefit from their wise counsel as members of the
The résumés of the four New Directors are as follows:
Peter C. Jones - Director
Peter Jones is a graduate of the Rugby College of Engineering, England.
He has more than 30 years of experience in the mining industry and has held
senior international operating and executive positions in open-pit and
underground mines producing asbestos, gold, zinc, nickel, copper and other
Beginning with Anglo American in Zambia he moved to Canada joining
Newmont Mines Limited as Plant and Electrical Superintendent at Granduc copper
mine and then as Plant Superintendent at Newmont's Similkameen copper
operations. Joining Princeton Mining Corp. (formerly Cassiar) for seven years
he had several operational positions culminating in Executive Vice President.
In early 1990, he joined Hudson Bay Mining and Smelting as VP Operations
and in 1994 was appointed President and Chief Executive Officer reporting to
the Board of Directors. Hudson Bay was Canada's third largest producer of
copper and zinc and also produces silver, gold and cadmium. During Peter's
tenure, he rationalized its operations closing 5 mines (1 copper, 1 zinc,
2 copper/zinc and 1 nickel mine) and opened two copper/zinc mines with a third
potential mine in final feasibility (and subsequent operation) as well as
overseeing the modernization and installation of a new Zinc extraction
On January 2, 1997 Peter joined Inco Ltd. and from early 2001 to late
2006 was the President and Chief Operating Officer and a Director of Inco
Ltd., the western world's biggest nickel producer. He was a Chairman of the
Board of PT International Nickel Indonesia and Goro nickel. Reporting to the
Chairman and CEO, Peter was responsible for Inco's worldwide producing
operations, projects, exploration, research and development and Environment
and Health services, with particular emphasis on profitability and growth.
Peter is a Director of IAMGOLD Corporation which has an annual gold
production of close to 1 million ounces from eight different operations
located in North America, South America and Africa; he is also a Director of
Century Aluminum Century Aluminum Company which owns primary aluminum capacity
in the United States and Iceland, as well as an ownership interest in alumina
and bauxite assets in the United States and Jamaica.
Allan Wakefield, BA, MBA (Finance) - Director
Allan Wakefield's early experience was with Alcan Aluminium in Canada,
New Zealand and the USA. His roles included CFO of Alcan's New Zealand
operations, VP Strategic Planning of Alcan's billion dollar US and Canadian
fabricating businesses and President of two Divisions.
He introduced aluminum cans into Canada, launching the Ontario 'blue box'
recycling program, and was awarded the United Nations Environmental Program
medal 'For services to the Environment'. He then joined Indal Limited, an RTZ
subsidiary, as Sector COO, consolidating 13 operating companies to restore
viability in a depressed market sector. As a defence contractor President, he
won navy contracts for Indal. As Vice President, Strategic Planning for Spar
Aerospace, Canada's leading space company, with more than $600 million in
revenues, he negotiated a $50 million acquisition and co-led a
Russian/Canadian/US communications satellite project.
He spent six years in Silicon Valley, California. As Co-Founder and CFO
of Kestrel Solutions, a company providing next generation optical networking
for regional Bells, he raised $312 million. As CFO of Inxight Software, a
Xerox PARC spinout, he led a turnaround, financing and restructuring of this
enterprise software provider.
Returning to Canada, he became an Independent Director of Hollinger Inc.
in 2004. The independent directors took over management after the court
removed former directors including Conrad Black. Allan was audit committee
chairman and a member of the privatization committee as the independent
directors battled Black, the OSC, the SEC, US Department of Justice,
instituted a $630 million lawsuit against Black and affiliates and,
established a path to bring the financial statements back into compliance. In
addition, for the past five years Allan has been an independent consultant
specializing in helping early-stage companies with strategy and funding.
Joyce K. Bish, BA, MBA - Director
Joyce Bish has an educational background in economics, finance and
marketing and has focused these skills on strategic planning, communications,
analysis and forecasting.
For five years she was Director Base Metal Research with Merrill Lynch
Canada Inc. In this position, she was a key player in the global mining team
with portfolio responsibility for North American base metal companies. This
required Joyce to model, analyze and evaluate North American base metals
mining companies including commodity analysis and forecasting. In addition at
Merrill she guided Investor presentations and corporate promotions.
At Rio Algom Limited, she was the Senior Market Analyst providing metal
trend analysis and participating at the senior management level in strategic
planning. At Lac Minerals she was the Manager, Market Research responsible for
effective market and strategic analyses of commodities and competitors, as
well as country risk assessment. After a brief stint as Director of Marketing
for ITH Holdings, Canada's largest national holiday tour operator, she
returned to the mining arena.
Joyce is currently a partner at Setter Group, an Independent Consultancy
to the Mining Industry working with junior and intermediate mining companies
to build and/or enhance existing corporate strategies and help management
communicate the vision and future of the company to investors and the public.
Glenn R. Clarke, BA Sc., P. Eng. - Director
Glenn Clarke is one of Canada's most respected independent mining and
exploration consultants with a primary interest on project feasibility,
especially the establishment of ore reserves and satisfactory grade control
and mine development. Glenn is very experienced in the application and
interpretation of geophysics, geochemistry and geology in mineral exploration
and the organization of exploration projects to obtain optimum results.
Prior to becoming an independent consultant, for 10 years Glenn was with
Northgate Exploration initially as Chief Geologist for Irish Base Metals based
in Ireland at the Tynagh Mine and then as Northgate's Exploration Manager for
their programs in Canada, the US and Australia. His duties included property
examinations and ore reserve analysis.
Glenn's consulting in mineral exploration and mine development has taken
him to many parts of the world particularly in Canada, Ireland and Australia,
U.S.A. (including Alaska), Bolivia, Argentina, Central African republic,
China, Chile, France, Greece, India, Indonesia, Malaysia, Mali, Mexico, New
Caledonia, Peru, Russia, South Africa and Yugoslavia.
He is an independent mining consultant for the French bank, Société
Générale regarding projects in the America's. He has conduct many 43-101
reports including the Mexican operations of Gammon Lake and Mexgold, companies
that have since merged. He has, in the past, reviewed Lac Minerals' ore
reserves and exploration projects on and annual basis and, in Bolivia, he
reviewed the ore reserves of four silver mines for Comsur to meet the loan
requirements of the International Finance Corporation. Glenn also reviewed the
Goldcorp Group's ore reserves on an annual basis.
Notably, Glenn managed an exploration project in Northwestern Quebec that
was successful in finding a deep, large massive sulphide body in the Noranda
These new Directors will join Mr. Kennedy and Mr. Neil Westoll on the
Board their résumés are presented again to illustrate the make-up of the
Ian F.T. Kennedy, P. Eng (Mining), Hons. BSc. (Geology)
Ian Kennedy has years of experience in the mining, mineral exploration
and the oil and gas industry as well as more than 30 years of experience in
corporate finance and venture capital. He has held operational, executive
and/or board positions in more than 15 public companies including Conwest
Exploration Company Ltd., Central Patricia Gold Mines Limited and
International Mogul Mines Limited. He was Assistant Mine Superintendent at
Cassiar Asbestos Corporation's Clinton Creek Mine in the Yukon and was a
Director of Cassiar 1971 to 1976. As Vice President, was involved in mineral
exploration in Africa, Australia and Canada with Conwest. He was also involved
in Conwest's oil and gas operations. In March 1992, Ian became President and a
Director of Bayridge Resources Limited an operating oil and gas company based
in Calgary. Bayridge was profitably sold to a royalty investment trust in
From the late 1970's, Ian has been engaged in venture capital and
investment banking including President of Canada Development Corporations'
venture capital fund - The VASE Fund. For 13 years, he was an owner of several
businesses in the truck-trailer manufacturing and truck parts industries,
including Durabody and Trailer Limited, Trailmobile Canada Inc. and Mascot
Truck Parts Inc.. For five years until 1992, he was a Senior Vice-President
of, and an equity partner in Sharwood and Company, an investment banking firm
in Toronto, and then for nine years as Chairman and co-owner of Helmsdale
Financial Corp., an investment bank. The Helmsdale time also included stepping
back into operations, i.e. in 1997 he was appointed Chief Operating Officer
Teklogix Inc., a TSE listed, high tech, wireless telecommunications company.
Over the next 14 months he executed a turn-around driving revenues from
$123 million to $180 million. This was reflected in the share price increasing
from $2.15 to $24.00 per share. In June 2000, the Company was sold to British
interests for $36 per share.
Today, Ian is a Partner in Capital Canada Limited a boutique investment
banking firm with a focus in the private capital markets, providing expert,
financial advice to corporations and entrepreneurs in Canada and abroad. Ian
served as Chairman of the Board of Governors of Ryerson Polytechnical
Institute for six years. He currently serves as Chairman of the Environmental
Advisory Committee of the City of Kawartha Lakes.
Neil D.S. Westoll, Ph. D., P. Geo., P. Eng. - Director
Neil did his undergraduate and doctoral studies at the University of
Edinburgh and his Post-Doctoral Fellowship at Queens University in 1970.
For 11 years he worked with Brinco Limited, a subsidiary of RTZ one of
the world's largest mining companies beginning as a Petrologist through to
Exploration Manager. For the next 10 years, he worked as an independent
consultant to the mining industry providing services around the world.
In the early 1990's, he worked at Lac Minerals Inc. as Vice President
Business Development, then as Senior VP Corporate Development and in 1993
became Vice President, International Exploration. Lac Minerals had operations
in Canada, the United States and South America with gold reserves of
13.5 million ounces. In 1994, American Barrick Resources Corporation acquired
Lac Minerals in a $1.6 billion friendly takeover.
For the next 6 years he consulted with and held senior executive
positions with junior exploration companies where he initiated, developed, and
negotiated agreements with landowners and governments and directed effective
exploration, evaluation and business development for these companies with
exploration projects in Philippines, Niger, Eritrea.
Neil joined Gartner Lee Ltd. in 2003 and is currently Mining Practice
Leader, Mining & Aggregates for Gartner Lee which is a professional services
company which for the past 35 years has been providing environmental science,
economics, planning and engineering consulting services in more than
30 countries around the world.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this Press Release, including any
information as to our future financial, operating or exploration performance
and other statements that express management's expectations or estimates of
future performance, constitute "Forward-Looking Statements" within the meaning
of Section 21E of the United States Securities Exchange Act of 1934, as
amended and "Forward Looking Information" within the meaning of applicable
Canadian securities legislation..
All statements, other than statements of historical fact, are
forward-looking statements. The words "believe", "expect", "will",
"anticipate", "contemplate", "target", "plan", "continue', "budget", "may",
"intend", "estimate" and similar expressions identify forward-looking
statements. Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive
uncertainties and contingencies.
The Company cautions the reader that such forward-looking statements
and/or forward looking information involve known and unknown risks,
uncertainties and other factors that may cause the actual financial results,
performance or achievements of the Company to be materially different from the
Company's estimated future results, performance or achievements expressed or
implied by those forward-looking statements and, the forward-looking
statements are not guarantees of future performance. These risks,
uncertainties and other factors include, but are not limited to: changes in
the worldwide price of gold, or other commodities (such as, fuel and
electricity); fluctuations in currency markets; changes in interest rates or
gold lease rates; risks arising from holding derivative instruments; ability
to successfully complete announced transactions and integrate acquired assets;
legislative, political or economic developments in the jurisdictions in which
the Company carries on business; operating or technical difficulties in
connection with exploration, development or mining activities; employee
relations; availability and increasing costs associated with exploration or
mining inputs and labour; the speculative nature of exploration and
development, including the risks of obtaining necessary licenses and permits
and diminishing quantities or grades of reserves; adverse changes in our
credit rating, contests over title to properties, particularly title to
undeveloped properties; and the risks involved in the exploration, development
and mining business. Accordingly, readers should not place undue reliance on
forward-looking statements and/or forward looking information
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Ian Kennedy, President and CEO, (416) 598-7700;
Renmark Financial Communications Inc.: Jeffery Szita:
firstname.lastname@example.org; Henri Perron: email@example.com, (514)
939-3989, Fax: (514) 939-3717; www.renmarkfinancial.com